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- Those Olympic Medals Are Taxed
- You may have never given it a thought as you watched our Olympic team compete in London, but did you know that a gold medal winner receives a $25,000 monetary award in addition to the gold medal, which itself is worth approximately $675, and both are taxed by the IRS? That's right, just like game show winners, the winning athletes are taxed on their winnings, including the value of the medals themselves.
- Special Tax Benefits for Armed Forces Personnel
- U.S. military personnel and their families face unique life challenges with their duties, expenses, and transitions. The tax code includes numerous special tax benefits that are available to them. Here are several of the most prominent of those tax breaks:
- SE Health Insurance Deduction: Has the IRS Gotten It Right?
- It seems the IRS cannot make up their minds related to the self-employed health insurance deduction. Although it made sense that the Medicare premiums paid by a self-employed individual should be allowed as part of the self-employed health insurance deduction, the IRS said no in their 1040 instruction through 2009. Then for 2010 returns, without any fanfare, they quietly modified the instructions, allowing the self-employed individual to include his or her premium in the computation of the self-employed health insurance deduction and suggested prior year returns where the 3-year statute of limitations had not expired could be amended.
- Middle-Class Tax Cuts: Will Congress Act Soon?
- So who does President Obama see as the middle class? He has repeatedly used earnings of $250,000 for married couples and $200,000 for single individuals as the threshold for what he considers the wealthy and those who should not benefit from tax cuts.
- How the Health Care Law Will Impact Your Taxes
- There has been a great deal of media coverage related to the US Supreme Court upholding the Affordable Care Act, also known as the Health Care Law. The media coverage was generally political and failed to explain the details of how the law will impact individuals. If you are interested in political rhetoric as to whether it is a tax, penalty, or a forced purchase, look no further. The intent of this article is to explain how the Affordable Care Act will impact your pocketbook in 2013, when the healthcare taxes kick in, and in 2014, when the mandatory insurance requirement becomes effective. Here are the details for 2013:
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